NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Bitfinity raises $7 million to integrate Ethereum and Bitcoin

EditorNatashya Angelica
Published 12/01/2024, 08:46 pm
©  Reuters
BTC/USD
-
ETH/USD
-
BTC/USD
-
ETH/USD
-

SAN FRANCISCO - Bitfinity, a blockchain technology firm, has successfully raised $7 million in a funding round led by prominent investors including Polychain Capital and ParaFi Capital. The company is at the forefront of developing a sidechain that will bridge the Ethereum Virtual Machine (EVM) with Bitcoin, utilizing the Internet Computer Protocol (ICP) to enhance decentralized finance (DeFi) operations and expand smart contract functionalities for Bitcoin assets.

The innovative platform is currently in its testnet phase, aiming to revolutionize the DeFi space by enabling high-speed transactions at a fraction of the cost associated with Ethereum. Bitfinity's solution boasts an impressive capability of processing over 1000 transactions per second (TPS), which could significantly outpace the current transaction speeds on the Ethereum network.

A key component of Bitfinity's technology is its Chain-Key technology, which is part of the ICP's Threshold Relay consensus mechanism. This feature is designed to bolster security through a cryptographic scheme that refreshes key shares periodically, thus providing an additional layer of protection against potential security threats.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.